Venky's shares plunge 4% following bird flu scare in Maharashtra

New Delhi: Shares of Venky's (India) dropped as much as 4 per cent in early trade on Friday, following bird flu reports in Thane, Maharashtra.

According to news agency ANI, sudden deaths of chickens have been reported in Maharashtra. Poultry birds at a small farm in Thane have succumbed to avian influenza (H5N1) or bird flu, media reports said.

Following the update, shares of Venky's (India) tumbled about 4 per cent to Rs 2,073.65 on Friday, before regaining to Rs 2,100.65 at 10.30 am. The scrip had settled at Rs 2,156.55 on Thursday.

BSE barometer and benchmark Sensex was trading 55.41 points lower or 0.10 per cent lower at 57,836.60 at the time of writing this report.

Venky's India, the only poultry processing company in India, has diversified its activities in poultry sector that includes production of SPF eggs chicken and eggs processing broiler

Shares of Venky's India have dropped about 50 per cent from its 52-week high of Rs 3,950 hit in June 2021. The scrip has dropped about 25 per cent of its value in the last one month.

The poultry player reported 80 per cent decline in the net profit to Rs 21.63 crore in the quarter ended December 2021 as against Rs 106.50 crore during the previous quarter ended December 2020.